Carefully handling business assets before and after divorce

On behalf of Dennis R. Wallace of Law Office of Dennis R. Wallace, P.A. posted in property division on Monday, February 25, 2019.

When walking through the process of ending a marriage, a Florida business owner may have significant concerns about how it will affect his or her company and future success. The division of business assets is often one of the most complex aspects of walking through divorce, and it can lead to stressful and costly disputes and the need for litigation. Many business owners find it beneficial to learn how they can legal protect their company in case of a divorce.

One of the most practical ways a person can protect a business is to draft a prenuptial agreement before walking down the aisle. Through this type of contract, a person can specify that all business assets are separate; therefore, the other party cannot claim a share in a divorce. A prenuptial agreement also allows a person to decide whether or not the spouse will get a settlement for the amount the company increased in value since the marriage.

If a business owner is already married, he or she may want to explore other ways to protect a business in case of a divorce. One way is to ensure that only the owner's name is listed on organizational documents. Another important step is to keep careful track of all cash transactions. Carefully organized documents and records can make it easier in case there is a dispute over business assets.

Divorce is difficult, and Florida business owners may find significant benefit in seeking legal guidance regarding how they can protect the company they worked hard to build and grow. There are certain steps a person can take to shield his or her business assets. A complete evaluation of the individual case is a smart place to start with this process.

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Law Office of Dennis R. Wallace, P.A., is based in Port Charlotte, Florida. We represent clients throughout the area, including the cities of Punta Gorda, Englewood, Arcadia, Venice, North Port, Harbour Heights, Rotonda, Englewood Beach, Charlotte Beach, Charlotte Harbor, Murdock, Nokomis, Fort Myers and Cape Coral, as well as in Charlotte County, Sarasota County, DeSoto County and Lee County.